In case that wasn't enough, the Fed also reminded us that it could still do much more: "[W]ere conditions to deteriorate, the Federal Reserve has a range of tools available to provide an effective liquidity backstop for such institutions and is prepared to use these tools as needed to support financial stability and to promote the extension of credit to U.S. households and businesses."

The Fed Beige Book of economic anecdotes was released this afternoon. It showed 11 of 12 Fed districts were showing slow to moderate growth. The only exception was the St. Louis district, which includes parts of Arkansas, Illinois, Missouri, Indiana, Kentucky, Tennessee, and Mississippi.